APPENDIX 4D For personal use only - · PDF fileFor the 6 months ended 30 June 2015 APPENDIX 4D ... National Australia Bank Ltd Level 13, 100 St Georges Terrace ... 2015. In exchange,

For the 6 months ended 30 June 2015

APPENDIX 4D

1.0 REPORTING PERIOD The reporting period is for the half year ended 30 June 2015 with the corresponding reporting period being for the half year ended 30 June 2014. 2.0 RESULTS FOR ANNOUNCEMENT TO THE MARKET

A$’000

Revenues from gold sales down 4.8% to 39,327

Net profit before tax for the period up N/A to 5,132

Net profit after tax for the period attributable to members up N/A to 5,132

3.0 NET TANGIBLE ASSET BACKING

30 June 2015 30 June 2014

Net tangible asset backing per ordinary security (dollars) 0.56 0.42

4.0 CONTROL GAINED OR LOST OVER ENTITIES HAVING MATERIAL EFFECT Not applicable. 5.0 DIVIDENDS

It is not proposed to pay a dividend. 6.0 DIVIDEND REINVESTMENT PLANS Not applicable. 7.0 ASSOCIATES AND JOINT VENTURE ENTITIES

Percentage holding

Current period

Previous corresponding

period

Weld Range Metals Limited 39.95% 39.95%

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8.0 ACCOUNTING STANDARDS USED FOR FOREIGN ENTITIES The accounts have been prepared in compliance with International Financial Reporting Standards.

9.0 AUDIT DISPUTE OR QUALIFICATION Not applicable.

This half year report should be read in conjunction with the most recent annual financial report.

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DRAGON MINING LIMITED

ABN 19 009 450 051

CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED

30 JUNE 2015 F

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DRAGON MINING LIMITED CONSOLIDATED INTERIM FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2015 TABLE OF CONTENTS

CORPORATE INFORMATION………………………………………………………………………………………………………………………………2

DIRECTORS’ REPORT………………………………………………………………………………………………………………………………………..3

AUDITOR’S INDEPENDENCE DECLARATION……………………..…………………………………………………………………………….8

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS……………………………………..…….…………..………9

DIRECTORS DECLARATION……………………..……………………………………………………………………………….……..…………….23

INDEPENDENT AUDITOR’S REPORT…………………………………………………………………………………………..………..………..24

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DRAGON MINING LIMITED | | Consolidated Interim Financial Report | Six Months Ended 30 June 2015 | Corporate Information

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CORPORATE INFORMATION

Directors Non-Executive Chairman – Mr Arthur G Dew Executive Director – Mr Brett R Smith Non-Executive Director – Mr Carlisle C Procter Alternate Director to Mr Arthur G Dew – Mr Mark Wong Company Secretary Ms Shannon Coates

Registered Office Unit B1, 431 Roberts Road Subiaco, Western Australia 6008 Telephone: 61 8 6311 8000 [email protected] www.dragon-mining.com.au ABN 19 009 450 051

Share Registry Computershare Investor Services Pty Limited Level 11, 172 St Georges Terrace Perth, Western Australia 6000 Within Australia: 1300 557 010 From Overseas: 61 9 9323 2000 Facsimile: 61 8 9323 2033 [email protected] www.computershare.com

Stock Exchange ASX Limited Level 40, Central Park 152-158 St Georges Terrace Perth, Western Australia 6000 Quoted on the official list of the Australian Securities Exchange ASX Ordinary Share Code: DRA

Auditors Ernst & Young 11 Mounts Bay Road Perth, Western Australia 6000 Legal Advisors DLA Piper 31/152-158 St Georges Terrace Perth, Western Australia 6000

Bankers Nordea Bank Finland Plc Aleksis Kiven katu 3-5 Helsinki, Finland National Australia Bank Ltd Level 13, 100 St Georges Terrace Perth, Western Australia 6000 Macquarie Bank Limited 235 St Georges Terrace Perth, Western Australia 6000

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DRAGON MINING LIMITED | Consolidated Interim Financial Report | Six Months Ended 30 June 2015 | Directors Report

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DIRECTOR’S REPORT Your Directors submit the report of Dragon Mining Limited (“Dragon Mining” or “the Company”) for the half year ended 30 June 2015.

1. Directors The names of the Company’s Directors in office during the period and until the date of this report are as follows. Directors were in office for the entire period unless otherwise stated. Mr Arthur G Dew – Non-Executive Chairman (Appointed 7 February 2014) Mr Brett R Smith – Executive Director (Appointed 7 February 2014) Mr Carlisle C Procter – Non-Executive Director (Appointed 19 May 2015) Mr Mark Wong – Alternate Director to Mr Arthur G Dew (Appointed 19 May 2015) Mr Peter L Gunzburg – Non-Executive Director (Appointed 8 February 2010, resigned 19 May 2015) 2. Financial Results and Overview The consolidated net profit after tax for the consolidated entity for the period was $5.1 million (30 June 2014: loss of $0.003 million). Notable items for the half year included:

Revenue from gold sales of $39.3 million (HY2014: $41.0 million); Gold production of 26,595 ounces (HY2014: 30,075 ounces); Gross profit from gold sales of $8.6 million (HY2014: $4.4 million); Exploration expenditure of $2.1 million (HY2014: $1.8 million); Net operating cash flow of $10.0 million (HY2014: $7.0 million); and Cash generated for the 6 month period of $6.8 million (HY2014: $5.0 million).

3. Principal Activities The principal activities of the Company during the period were:

Gold mining and refining in Sweden and Finland; and Exploration, evaluation and development of gold projects in the Nordic region.

There have been no significant changes in the nature of those activities during the period. 4. Corporate and Strategic Overview Board Restructure and Management Changes On 19 May 2015, the following changes occurred at Board level:

Mr Carlisle C Procter was appointed Non-Executive Director; Mr Mark Wong was appointed Alternate Director to the Company’s Non-Executive Chairman Mr

Arthur G Dew; and Mr Peter L Gunzburg resigned as Non-Executive Director of the Company.

On 23 February 2015, the Company’s Chief Operating Officer, Mr Josh Stewart resigned. The Company’s new Chief Operating Officer is expected to commence in the second half of 2015. Sale of interest in Weld Range Metals Limited On 2 January 2015, the Company announced it had executed a Share Sale Agreement (“Agreement”) with Ausinox plc (“Ausinox”) to sell the Company’s 39.95% interest in Weld Range Minerals Limited (“Weld Range”). The Agreement superseded the Share Buy Back Agreement previously executed with Weld Range. Pursuant to the Agreement:

Ausinox will buy 10,311,834 Weld Range shares from the Company; The debt Weld Range currently owes the Company, of $3.8 million comprising principal and

accrued interest to 30 June 2015, will be assigned to Ausinox; and Consideration payable to the Company by Ausinox will be $1.0 million (plus penalty interest).

On 30 June 2015, the Company agreed to extend the completion and end date of the Agreement to 31 July 2015. In exchange, Ausinox paid the Company $0.25 million as part payment of the $1.0 million cash consideration payable. Ausinox also agreed to pay penalty interest at a rate 1% higher than the penalty interest rate stipulated in the Agreement which equates to approximately $118,000 (to 31 July 2015). The $0.25 million is non-refundable should completion under the Agreement not occur.

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Refer to section 6 Significant Events after Period End for further updates. Sale of non-core northern Finland interests to Aurion Resources Limited On 13 January 2015, the Company announced the Third Tranche of 1 million Common Shares in Canadian explorer, Aurion Resources Limited (“Aurion”) had been received, following the eighteen Claims that comprise the Kutuvuoma project (Kutuvuoma 4-21) becoming valid, as defined in the Definitive Purchase Agreement for the Kutuvuoma and Silasselkä Projects in northern Finland (“DPA”). The 1 million Common Shares are escrowed for 18 months from the date of issuance of the initial Tranche of Common Shares in Aurion on 8 September 2014. As defined in the original DPA a further 2 million shares may be issued by Aurion if they complete the transaction. On 6 March 2015, the Company agreed to amend the DPA which included the removal of the Right of First Refusal clause, the inclusion of an additional clause in relation to Confidential Information and the relaxing of the time period before Aurion can seek a Third Party Partner. In consideration for these amendments Aurion will issue the Company with an additional 750,000 Common Shares, in addition to the purchase price as outlined in the DPA. The additional Common Shares will be issued as follows:

250,000 Common Shares issued to the Company as soon as possible after the execution of the amendments (received 31 March 2015 and subject to the same escrow conditions); and

500,000 Common Shares will be issued at either the same time as the final instalment of 2 million Common Shares that are due to be issued to the Company on the third anniversary of the Kutuvuoma and Silasselkä Claims becoming valid, or earlier at Aurion’s discretion, or if the DPA is terminated.

On 30 June 2015, the Company had a total holding of 4,250,000 Common Shares in Aurion or 9.69%, on an undiluted basis. Fäboliden SPA and Court Ruling On 4 February 2015, the Company announced that it had executed a conditional Sale and Purchase Agreement (“Agreement”) with the Bankruptcy Estate of Lappland Goldminers Fäboliden AB (“Bankruptcy Estate”) to acquire the Fäboliden Gold Prospect located in Northern Sweden, 25 kilometres southeast of Svartliden Production Centre (“Svartliden”). The acquisition will deliver ownership of the Fäboliden Gold Deposit (“Fäboliden”) to the Company which will provide a potential source of open pittable material to be processed at Svartliden. In consideration for the acquisition, the Company will make staged payments totalling 40 million SEK (approximately A$6.3 million) to the Bankruptcy Estate subject to certain conditions precedent being met. If the conditions precedent are not met within 2 years of execution of the Agreement, the Agreement shall be considered void and the payments reversed less 250,000 SEK (approximately A$0.04 million) that will be retained by the Bankruptcy Estate. On 12 June 2015, the Land and Environmental Court in Sweden rejected the application for an extension to the start-up time as set out in the Environmental Permit. The Bankruptcy Estate has appealed the decision to the Land and Environment Court of Appeal. Refer to section 6 Significant Events after Period End for further updates. Hanhimaa Earn-In Agreement On 4 February 2015, the Company announced that it had reached agreement with Agnico Eagle to further amend the Hanhimaa Earn-In Agreement, whereby the Stage 1 Earn-In Period has been extended by a period of 2 years. Under the amended terms Agnico Eagle can earn up to 70% interest in the Hanhimaa Gold Project in northern Finland with staged expenditure over 9 years. Agnico Eagle are the managers during the earn-in and can now withdraw at any time, having achieved the minimum expenditure level of €1.5 million.

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5. Review of Activities The Company has committed to a number of safety improvements which have seen the Company achieve 6 months Lost Time Injury (“LTI”) free across its operations. Two of the more material safety improvements included:

The approval of an investment in seismic monitoring equipment at the Company’s Orivesi Gold Mine (“Orivesi”), which is expected to be installed in the coming months; and

Completion of the Orivesi decline reinforcement project in June 2015. On the exploration front, the Company has continued to focus its exploration activities on near mine targets, specifically its key projects at Orivesi, the Jokisivu Gold Mine (“Jokisivu”) and the Kaapelinkulma Gold Project in Finland and the Fäboliden Gold Project in Sweden. Exploration results have been provided in previous Company announcements to the ASX which are available on the Company’s website (www.dragon-mining.com). The Company’s Board, recognising that without investment Orivesi’s Ore Reserves would be exhausted by April 2016, approved the extension of the Kutema decline down to the 1,200m level. Work commenced in March 2015 and is expected to extend the life of Orivesi to approximately March 2017. Significantly, Orivesi’s extended life will provide opportunity for the Company to carry out a diamond drilling program to explore for lodes in the vicinity of the present mining area. The Company views the surroundings of the present mining areas to have high potential for the discovery of new ore lodes. Subsequent updates will be provided via Company announcements. In March 2015, the environmental organisation “Friends of the Earth” announced they had measured elevated uranium concentrations in sediments downstream of Orivesi. While the levels were slightly elevated compared to background levels, it was determined that uranium levels in the water discharged from the mine site were below the requirements set for drinking water standards. At Svartliden, the Company received approval from the County Administration Board (“CAB”) for the in-pit tailings storage; tailings were subsequently redirected from the Tailings Storage Facility (“TSF”) to the open-pit accordingly. Successive rehabilitation works including covering of the TSF beach will commence in in the second half of the year. Location of Projects and Production Centres

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Operations Overview Gold production for the half year ended 30 June 2015 was 26,595 ounces (30 June 2014: 30,075 ounces), comprising 18,542 ounces (30 June 2014: 16,758 ounces) from the Vammala Production Centre (“Vammala”) and 8,053 ounces (30 June 2014: 13,317 ounces) from Svartliden. Low gold prices generally prevailed during the second quarter of 2015. After opening at a low around US$1184/oz, prices generally traded within the US$1,085/oz to US$1,290/oz range. In spite of lower revenues, management continued to drive cost efficiencies across its operations that resulted in positive operating cashflows from activities of $10.0 million during the period (30 June 2014: $7.0 million). At Vammala, lower production volume was partly a function of the lower production rates from Orivesi, which experienced rock stress, poor ground conditions and the cessation of production from the Pipe 2. The cessation of production from Pipe 2 has restricted Orivesi production to one stope (Pipe 5). The Company partially compensated the reduced production by ramping up production with (lower grade) ore from Jokisivu. In addition, the Company has implemented a number of projects aimed at improving mining recovery and reducing dilution in the mines and metallurgical investigations to maximise process recoveries in the Vammala Plant. At Svartliden, following the completion of mining in late 2013, the plant had been processing marginal ore stockpiles which were fully depleted in June 2015. The plant has since transitioned to 100% concentrate processing and with this the ball mill circuit and contractor crushing plant have both been put on care and maintenance. During the year, the plant successfully processed 100% of the internal concentrate from Jokisivu at a saving of approximately US$50/oz – US$70/oz over sending the concentrate to the smelter. The testing of internal concentrate from Orivesi continues with the expectation that the plant will be processing 100% of the Orivesi concentrate during the second half of 2015. In addition to the internal concentrate, Svartliden will continue to process concentrate purchased from 3rd party sources. A number of installation and commissioning modifications have been made to facilitate 100% concentrate processing. These modifications included the installation of a mixing tank and conveyor for bulk dosing, a concrete slab for the concentrate storage area and a significant amount of instrumentation and automation improvements to provide the necessary control over the different concentrate leaching parameters required for each source. In light of the Company receiving approval from the County Administration Board in Sweden to allow concentrate only processing, the Company is able to process 20,000 tonnes per annum of concentrate without the requirement to blend with ore. Advanced Projects and Exploration The Company continued to focus its efforts on activities that would provide ongoing support to project evaluation, mine planning and mine development tasks that are currently being undertaken at its key projects in Finland and Sweden. A total of 21,491 metres of diamond core drilling from both surface and underground positions was completed at Orivesi, Jokisivu and the Kaapelinkulma Gold Project in Finland and the Fäboliden Gold Project in Sweden. During the half year ended 30 June 2015, the Company drilled approximately 9% more metres than the total metres drilled over the course of 2014. The completed drilling has returned numerous encouraging results, which continue to underline the prospective nature of the Company’s project portfolio in the Nordic Region. Drilling at Orivesi has shown that mineralisation associated with Kutema Pipe 5 now extends below the current development level, continuing down to at least the 1175m level. Extensions below this level are not fully tested. A new zone of mineralisation has been identified 50 metres northeast of Kutema Pipe 5 with the return of a series of promising intercepts, these intercepts warrant further follow-up activities. Encouragement was also received from the Sarvisuo West area between the 240m and 300m levels with the return of a number of significant intercepts. Drilling is now advancing on a series of exploratory campaigns that are evaluating the areas north, east and west of the known lode systems in the underexplored host alteration zone. At Jokisivu, results from the drilling of the Arpola deposit support the existence of the depth extensions of this deposit. Drilling from the 100m level has also improved confidence in the Arpola resource model, as well as providing additional information for footwall stoping and development planning. Drilling of the Kujankallio deposit has provided additional information to improve confidence in the geological model, whilst drilling is now underway to provide additional information for both the Kujankallio Main Zone and Hinge Zone, below current development levels. A geophysical gravity survey was completed at Jokisivu; the results provide encouragement that the dioritic intrusion, the rock hosting the gold bearing quartz veins, extends below current known depths, plunging to the east to at least 800 metres to 1000 metres.

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Two phases of drilling have been completed at the Kaapelinkulma Gold Project. The initial phase has improved the density of drilling over the southern of the two known deposits, with the objective of updating the Mineral Resource in readiness for a detailed study into the viability of establishing the Company’s third gold mine in southern Finland. The second phase of drilling targeted the southern extension of this deposit. An initial program of in-fill drilling was completed over the near surface, higher grade zone of gold mineralisation in the southern portion of the Fäboliden Gold Project. With the objective of improving drilling density in readiness for estimation of the Maiden Resource for the high grade zone, the early results have been encouraging, returning a number of significant intercepts commensurate with the results from historical drilling. 6. Significant Events after Period End On 28 July 2015 (after reviewing various options), the Company, and the Bankruptcy Estate of Lappland Goldminers Fäboliden AB (“Bankruptcy Estate”) agreed to amend the Sale and Purchase Agreement (“Agreement”), whereby the condition relating to the extension of the existing Environmental Permit for a period of at least four years was waived, in consideration for a lower total purchase price of 38 million SEK (approximately A$6 million), being a discount of 2 million SEK. 6 million SEK (A$0.95 million) of this total purchase price had already been paid to the Bankruptcy Estate, the remaining 32 million SEK (approximately A$5.05 million) was paid on 30 July 2015. The Bankruptcy Estate will hold these funds on trust until the Completion Date, being the seventh day following the fulfilment of the final condition:

i. a final, legally binding and unappealable approval from the Mining Inspectorate of Sweden or an approval from the Swedish Government of the transfer of the Exploitation Concession to Dragon Mining.

The parties have agreed to vary the timing for achievement of this final condition from two years to one year. Following the Completion Date, the Company will advise the Bankruptcy Estate to discontinue the Appeal against the Swedish Land and Environmental Court’s decision to reject the application for an extension to the start-up time as set out in the Environmental Permit. It is the Company’s intention to immediately commence work on an application for a new Environmental Permit for a mining operation at Fäboliden. This application will be for an operation that has a significantly smaller environmental footprint than the operation previously proposed. In conjunction with this the Company will also compile an application for a Permit to undertake a program of test mining at Fäboliden. On 4 August 2015, the Company announced it had agreed to extend the completion and end date of the Share Sale Agreement with Ausinox plc (“Agreement”) to 31 August 2015. The Agreement is to sell the Company’s 39.95% interest in Weld Range Minerals Limited, of which $0.75 million of the $1.0 million agreed consideration remains outstanding. Ausinox will continue to accrue penalty interest at a rate 1% higher than the penalty interest rate stipulated in the Agreement which equates to approximately $128,773 (to 31 August 2015). Ausinox also agreed to reimburse the Company an additional $33,742 representing the costs incurred, over and above the purchase price, as a result of non-completion. 7. Auditor’s Independence Declaration under Section 307C of the

Corporations Act 2001 The Directors have received confirmation from the auditor of Dragon Mining Limited that they are independent of the Company. A copy of the auditor’s independence declaration as required under Section 307C of the Corporations Act is included on page 8 and forms part of the Directors’ report for the half year ended 30 June 2015. 8. Rounding The amounts contained in this report and in the financial statements have been rounded to the nearest $1,000 (where rounding is applicable) under the option available to the Company under ASIC Class Order 98/0100. The Company is an entity to which the Class Order applies. Signed in accordance with a resolution of the Directors:

Brett R Smith Executive Director 24 August 2015

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GHM:JT:DRAGON:031

Ernst & Young11 Mounts Bay RoadPerth WA 6000 AustraliaGPO Box M939 Perth WA 6843

Tel: +61 8 9429 2222Fax: +61 8 9429 2436ey.com/au

A member firm of Ernst & Young Global LimitedLiability limited by a scheme approved under Professional Standards Legislation

Auditor’s independence declaration to the Directors of Dragon MiningLimited

In relation to our review of the financial report of Dragon Mining Limited for the half-year ended 30 June2015, to the best of my knowledge and belief, there have been no contraventions of the auditorindependence requirements of the Corporations Act 2001 or any applicable code of professional conduct.

Ernst & Young

G H MeyerowitzPartner24 August 2015

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DRAGON MINING LIMITED | Consolidated Interim Financial Report | Six Months Ended 30 June 2015

The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes.

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CONSOLIDATED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

Note 6 months to

30 June 2015 $’000

6 months to 30 June 2014

$’000 Revenue from gold sales 39,327 41,034

Cost of sales 3(a) (30,708) (36,625)

Gross profit 8,619 4,409

Other revenue 3(b) 493 444

Other income 3(c) 130 133

Exploration expenditure (2,095) (1,845)

Other expenses 3(d) (1,986) (3,694)

Finance costs 3(e) (20) (125)

Redundancy costs - (822)

Foreign exchange loss (9) 216

Profit/(loss) before tax 5,132 (1,284)

Income tax benefit - 1,281

Profit/(loss) after income tax 5,132 (3)

Other comprehensive income – Items that may be reclassified subsequently to profit and loss

Foreign currency translation gain/(loss) 922 (1,627)

Profit on financial assets classified as available-for-sale 11 -

Total comprehensive gain/(loss) for the period 6,065 (1,630)

Profit/(loss) attributable to:

Members of Dragon Mining Limited 5,132 (3)

5,132 (3)

Total comprehensive gain/(loss) attributable to:

Members of Dragon Mining Limited 6,065 (1,630)

6,065 (1,630)

Gain/(loss) per share attributable to ordinary equity holders of the parent (cents per share)

Basic gain/(loss) per share 0.06 (0.00)

Diluted gain/(loss) per share 0.06 (0.00)

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The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes.

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CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION

Note 30 June 2015

$’000 31 Dec 2014

$’000

Current Assets

Cash and cash equivalents 21,805 15,051

Trade and other receivables 9,504 11,626

Inventories 4 5,688 5,222

Asset held for sale 5 250 -

Other assets 100 142

Total Current Assets 37,347 32,041

Non-Current Assets

Property, plant and equipment 6 7,782 6,059

Mineral exploration costs 2,205 1,958

Development costs 1,264 697

Investment in associate 5 - -

Available for sale investments 7 180 126

Other assets 5,529 5,460

Total Non-Current Assets 16,960 14,300

Total Assets 54,307 46,341

Current Liabilities

Trade and other payables 7,666 3,865

Provisions 8 3,533 3,347

Other liabilities 74 1,883

Total Current Liabilities 11,273 9,095

Non-Current Liabilities

Provisions 8 13,859 13,240

Deferred tax liabilities - 896

Total Non-Current Liabilities 13,859 14,136

Total Liabilities 25,132 23,231

Net Assets 29,175 23,110 Equity

Contributed equity 11 119,992 119,992

Reserves (1,616) (686)

Accumulated losses (89,201) (96,196)

Total Equity 29,175 23,110

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The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes.

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CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY

Contributed Equity

Accumulated Losses

Foreign Currency

Translation Option

Reserve

Convertible Note

Premium Reserve

Available for sale Reserve

Equity Reserve –

Purchase of Non-

controlling interests Total

$’000 $’000 $’000 $’000 $’000 $’000 $’000 $’000

At 31 December 2014

119,992 (96,196) (5,638) 1,863 2,068 (48) 1,069 23,110

Gain for the period - 5,132 - - - - - 5,132 Other comprehensive

income - - 922 - - 11 - 933

Total comprehensive income/(loss) for the period

119,992 (91,064) (4,716) 1,863 2,068

(37) 1,069 29,175

Transactions with owners in their capacity as owners:

Share based payment transaction - 1,863 - (1,863) - - - -

At 30 June 2015 119,992 (89,201) (4,716) - 2,068 (37) 1,069 29,175

At 31 December 2013

119,992 (103,951) (4,393) 1,857 2,068

- 1,069 16,642

Loss for the period - (3) - - - - - (3)

Other comprehensive loss - - (1,627) - -

-

- (1,627)

Total comprehensive income/(loss) for the period

119,992 (103,954) (6,020) 1,857 2,068

- 1,069 15,012

Transactions with owners in their capacity as owners:

Share option expense - - - 6 - - - 6 At 30 June 2014 119,992 (103,954) (6,020) 1,863 2,068 - 1,069 15,018

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The above Consolidated Statement of Cash Flows should be read in conjunction with the accompanying notes.

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CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS

6 months to

30 June 2015 $’000


$’000 Cash flows from operating activities

Receipts from customers 39,416 42,288

Payments to suppliers and employees (26,435) (32,713)

Payments for mineral exploration (2,062) (2,120)

Interest received 46 210

Interest paid (1) (42)

Income taxes paid (896) (585)

Payment of environmental bonds (52) (59)

Net cash received from operating activities 10,016 6,979

Cash flows from investing activities Payments for property, plant and equipment (2,132) (189)

Proceeds from sale of property, plant and equipment 37 5 Proceeds from non-refundable deposit in relation to Weld Range Minerals Limited 250 -

Payment for bond held on deposit (27) -

Payments for development (1,359) (1,282)

Net cash used by investing activities (3,231) (1,466)

Cash flows from financing activities Repayment of short-term factoring facility (8) (528)

Net cash used by financing activities (8) (528)

Net increase in cash and cash equivalents 6,777 4,985

Cash and cash equivalents at the beginning of the period 15,051 5,895

Effects of exchange rate changes on cash and cash equivalents (23) (205)

Cash and cash equivalents at the end of the period 21,805 10,675

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NOTES TO THE FINANCIAL STATEMENTS

1 Corporate Information The interim financial report of Dragon Mining Limited and its controlled entities (“consolidated entity” or the “Group”) for the half year ended 30 June 2015 was authorised for issue in accordance with a resolution of the Directors on 24 August 2015. Dragon Mining Limited is a company limited by shares that is incorporated and domiciled in Australia and whose shares are publicly listed on Australian Securities Exchange. 2 Basis of Preparation and Accounting Policies (a) Basis of Preparation These general purpose condensed interim financial statements for the half year ended 30 June 2015 have been prepared in accordance with AASB 134 Interim Financial Reporting and the Corporations Act 2001. The half year financial report does not include all notes of the type normally included within the annual financial report and therefore cannot be expected to provide as full an understanding of the financial performance, financial position and financing and investing activities of the consolidated entity as the full financial report. The half year financial report should be read in conjunction with the annual report for the year ended 31 December 2014 and considered together with any public announcements made by Dragon Mining Limited during the half year ended 30 June 2015 in accordance with the continuous disclosure requirements of the Corporations Act 2001 and the ASX Listing Rules. (b) Development Expenditure Areas in Development Areas in development represent the costs incurred in preparing mines for production. The costs are carried forward to the extent that these costs are expected to be recouped through the successful exploitation of the Company’s mining leases. These costs carried forward are reclassified to Mine Properties when economic mining of a mineral reserve has commenced. (c) Changes in Accounting Policy Except as disclosed below, the accounting policies adopted in the preparation of the half year financial report are consistent with those followed in the preparation of the Group’s financial statements for the year ended 31 December 2014. All relevant new and amended Accounting Standards and Interpretations which became applicable on 1 January 2015 have been adopted by the Group. These included:

AASB 2015-3 Amendments to Australian Accounting Standards arising from the Withdrawal of AASB 1031 Materiality

AASB 2015-4 Amendments to Australian Accounting Standards - Financial Reporting Requirements for Australian Groups with a Foreign Parent

The implementation of the above standards did not require a restatement of comparative information in this Half Year Report. Two other amendments apply for the first time in 2015; however they did not impact on the Consolidated Half Year Report of the Group.

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3 Revenue and Expenses

6 months to

30 June 2015 $’000


$’000 (a) Cost of Sales

Cost of production 29,316 32,683

Depreciation of mine properties, plant and equipment 1,392 3,942 30,708 36,625 (b) Other revenue

Finance revenue (i) 243 210

Rent and service income 250 234

Total other revenue 493 444

(i) Breakdown of Finance Revenue

Bank and external interest 68 44

Interest from associate 175 166

243 210

(c) Other income

Gain on sale of plant and equipment 40 8

Other 90 125

Total other income 130 133

(d) Other expenses

Management and administration expenses 2,000 3,442

Depreciation of non-mine site assets 61 53

Project generation expenses - 33 Reversal of provision for non-recoverability of loan from associate (75) 166

1,986 3,694

(e) Finance costs

Interest 2 22

Discount rate adjustment - 25

Other 18 78

20 125

4 Inventories

30 June 2015 $’000

31 Dec 2014 $’000

Work in progress

- Ore and concentrate stockpiles at cost 2,286 2,562

- Gold in circuit at cost 2,662 1,751

- Raw materials and stores – at cost 740 909

5,688 5,222

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5 Asset Held for Sale/Investment in Associate

Movements in the carrying amount of investment in associate

30 June 2015 $’000

31 Dec 2014 $’000

At 1 January - -

Share of loss for the period - -

At 30 June - -

The share of losses not recognised during the period was nil and the cumulative share of losses not recognised is $4.452 million. Refer to note 15 Significant Events after Balance Date for an update on the Company’s sale of its interest in Weld Range Metals Limited. Investment details

Receivables from associate 4,143 3,968

Provision for impairment (3,893) (3,968)

250 -

Interest on the loan to Weld Range Metals is charged at the ANZ business mortgage rate plus 1% per annum. Interest of $175,169 was charged for the half year ended 30 June 2015 (30 June 2014: $165,631). The interest was fully provided for. During the period the Company released a further $250,000 of the provision.

6 Property, Plant and Equipment

30 June 2015

$’000

31 Dec 2014 $’000

(a) Land

At cost 1,372 1,391

(b) Buildings

At cost 1,767 1,788 Less accumulated depreciation (1,410) (1,377)

357 411 (c) Property, Plant and Equipment At cost 27,629 26,992 Less accumulated depreciation (24,844) (24,213)

2,785 2,779 (d) Mine properties At cost 78,460 77,930 Less accumulated depreciation and impairment (76,135) (76,452)

2,325 1,478 (e) Capital works in progress

At cost1 943 -

Total Mine Properties, Property, Plant and Equipment 7,782 6,059

1On 9 February, the Company paid 6 million SEK (approximately A$0.95 million) to the Bankruptcy Estate of Lappland Goldminers as part payment for the purchase of the Fäboliden Gold Project in Northern Sweden.F

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7 Available for Sale Investments

30 June 2015

$’000 31 Dec 2014

$’000 Non-Current

Available for sale financial assets – Aurion plc 180 126

180 126

The Company has 4.25 million Common Shares representing a 9.69% holding in Aurion plc. The 4.25 million Common Shares are escrowed for 18 months, from the date of issuance of the initial tranche of Common Shares being 8 September, 2014. Subsequent to initial recognition, these shares are measured at fair value being the published price quotation in an active market. Changes therein are recognised in other comprehensive income and presented in the unrealised gain/(loss) reserve in equity. The fair value movement in the asset during the period was a loss of $11,123 (2014: loss $47,911) which has been recognised in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. 8 Provisions

30 June 2015

$’000 31 Dec 2014

$’000

Current

Employee entitlements 2,471 2,138 Rehabilitation 1,062 1,209

3,533 3,347

Non-current

Employee entitlements 40 31

Rehabilitation 13,819 13,209

13,859 13,240 The Company regularly reviews rehabilitation liabilities in light of changing circumstances and changes in legislation. Adjustments to the provisions for rehabilitation are prospectively accounted for in the period in which the change is identified. 9 Dividends Paid or Provided For There were no dividends paid or provided for during the period.

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10 Segment Reporting The Group has identified its operating segments to be Sweden and Finland, on the basis of geographical location, different national regulatory environments and different end products. Dragon Mining (Sweden) AB, the primary entity operating in Sweden, produces gold bullion from the processing of internally and externally purchased concentrate. Dragon Mining Oy in Finland produces gold concentrate from the Orivesi and Jokisivu Gold Mines, during the period 100% of the Jokisivu concentrate was purchased by Dragon Mining (Sweden) AB. The accounting policies used by the Group in reporting segments are the same as in the prior reporting period ending 31 December 2014.

Sweden 30 June 2015

$’000

Finland 30 June 2015

$’000

Unallocated 30 June 2015

$’000

Total 30 June

2015 $’000

Segment revenue

Gold sales to external customers 23,294 16,033 - 39,327

Interest revenue 11 - 232 243

Other revenue - 250 - 250

Total revenue 23,305 16,283 232 39,820

Segment result Pre-tax segment result 1,103 3,876 - 4,979

Income tax expense - - - -

Post tax segment result 1,103 3,876 - 4,979

Unallocated items:

Corporate interest revenue 232

Other corporate income 24

Corporate costs (1,194) Unallocated foreign exchange losses relating to intercompany loans advanced by parent

-

Finance costs (4) Elimination of inter-company interest expense, debt forgiveness and management fees in segment results

1,095

Profit after tax as per the Consolidated Statement of Profit or Loss and Other Comprehensive Income 5,132

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10 Segment Reporting (continued)

Sweden 30 June 2014

$’000

Finland 30 June 2014

$’000

Unallocated 30 June 2014

$’000

Total 30 June

2014 $’000

Segment revenue

Gold sales to external customers 19,480 21,554 - 41,034

Interest revenue 21 - 189 210

Other revenue 1 233 - 234

Total revenue 19,502 21,787 189 41,478

Segment result Pre-tax segment result 1,191 18,419 - 19,610

Income tax benefit 1,281 - - 1,281

Post tax segment result 2,472 18,419 - 20,891

Unallocated items:

Corporate interest revenue 189

Corporate costs (240) Unallocated foreign exchange losses relating to intercompany loans advanced by parent

(21,592)

Elimination of inter-company interest expense and management fees in segment results

749

Loss after tax as per the Consolidated Statement of Profit or Loss and Other Comprehensive Income (3)

The following table presents segment assets of the Group’s operating segments as at 30 June 2015 and 31 December 2014:

Sweden

$’000 Finland

$’000 Australia

$’000 Total $’000

Segment Non-Current assets

At 30 June 2015 7,598 9,295 67 16,960

At 31 December 2014 6,484 7,745 71 14,300

11 Contributed Equity

30 June

2015 31 Dec

2014 30 June

2015 31 Dec

2014

Share Capital Number of Shares $’000 $’000

Ordinary shares, fully paid 88,840,613 88,840,613 119,992 119,992

(a) Movements in Ordinary Share Capital during the past two half-years ended 30 June were as follows:

Half-year ended 30 June 2015:

$’000 No. of shares

At 1 January 2015 119,992 88,840,613

Balance at 30 June 2015 119,992 88,840,613

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11 Contributed Equity (continued)

Half-year ended 30 June 2014: $’000 No. of shares

At 1 January 2014 119,992 88,840,613

Balance at 30 June 2014 119,992 88,840,613

12 Share Options Reserve

30 Jun

2015 31 Dec

2014 30 Jun

2015 31 Dec

2014

Number of Options $’000 $’000

Share options - 120,000 - 1,863

(a) Movements in Share Options during the period were as follows:

Half-year ended 30 June 2015: $’000 No. of Options

At 1 January 2015 1,863 120,000

Forfeiture of options* (1,863) (120,000)

Balance at 30 June 2015 - - *On 13 March 2015, the Company announced that 120,000 unlisted options held by former employees of the Company lapsed unexercised due to the retirement and resignation of the applicable employees. At 30 June 2015, the Company has no options on issue.

Full-year ended 31 December 2014: Date $’000 No. of Options

At 1 January 2014 1,863 2,854,000

Options lapsed (1,894,000)

Forfeiture of options - (840,000)

Balance at 31 December 2014 1,863 2,050,000

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13 Expenditure Commitments An update to the commitments disclosed in the financial report for the year ended 31 December 2014 is detailed below. Exploration commitments Due to the nature of the consolidated entity’s operations in exploring and evaluating areas of interest, it is very difficult to accurately forecast the nature or amount of future expenditure, although it will be necessary to incur expenditure in order to retain present interests in mineral tenements. Expenditure commitments on mineral tenure for the consolidated entity can be reduced by selective relinquishment of exploration tenure or by the renegotiation of expenditure commitments. The approximate minimum level of exploration requirements to retain current tenements is detailed below.

30 Jun 2015 $’000

31 Dec 2014 $’000

Within one year 47 46

One year or later and no later than five years 234 390 281 436

Capital Commitments Commitments relating to the acquisition of equipment contracted for but not recognised as liabilities are as follows:

30 Jun 2015 $’000

31 Dec 2014 $’000

Within one year - 90

One year or later and no later than five years - - - 90

Operating Lease Expense Commitments Commitments relating to future operating leases in existence at the reporting date but not recognised as liabilities are as follows:

30 Jun 2015 $’000

31 Dec 2014 $’000

Within one year 11 17

One year or later and no later than five years 15 16 26 33

Remuneration Commitments Commitments for the payment of salaries and other remuneration under long-term employment contracts in existence at the reporting date but not recognised as liabilities are as follows:

30 Jun 2015

$’000 31 Dec 2014

$’000 Within one year 506 472

506 472

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14 Contingent Assets and Liabilities Contingent Assets Sale of tenements to Aurion Resources

On 23 May 2014, the Company signed a Definitive Purchase Agreement (“DPA”) with the listed Canadian entity Aurion Resources Limited (TSX-V:AU) (“Aurion”), whereby Aurion can acquire a 100% interest in two of the Company’s non-core projects, Kutuvuoma and Silasselkä (“Projects”), in northern Finland. The Payment Schedule from the original Letter of Intent, as announced to the ASX on 5 March 2014, "Aurion to Acquire Northern Finland Projects from Dragon Mining", was re-negotiated to better reflect the status of the tenements that comprise the Projects. The updated Payment Schedule in the DPA and as announced to the ASX on the 26 May 2014, "Purchase Agreement Executed for Sale of Northern Finland Projects", is provided in Table 1. Table 1 – Payment Schedule

(1)Conditions Precedent fulfilled

(2)Kutuvuoma Claim Applications

(3)Silasselkä Claim Applications

(4)3rd anniversary of 2 and 3

Common Shares 2,000,000 1,000,000 1,000,000 2,000,000

(1) Signing, subject to fulfilment of the conditions precedent of: Aurion receiving all approvals required by the TSX Venture Exchange; and Turvallisuus ja kemikaalivirasto (”Tukes”) accepting the bond proposal of Dragon Mining for the

Kutuvuoma Mining Licence without material change. (2) Upon the Kutuvuoma Claim Applications 4-21 becoming valid; (3) Upon the Silasselkä Claim Applications1-19 becoming valid; and (4) The third anniversary of the Kutuvuoma Claims 4-21 and the Silasselkä Claims 1-19 becoming valid, and

subject to Aurion expending EUR 1.0 million on the projects over 3 years in accordance with the payment schedule or sooner at Aurion’s discretion.

The initial tranche of 2 million Consideration Shares to be received by the Company will be escrowed for 18 months, from the date of issuance of the shares. Any other Consideration Shares received by the Company within 18 months of the date of issuance of the initial tranche of shares shall also be escrowed for the remaining portion of the 18 month period. In addition, the Company will retain a 3% Net Smelter Royalty (“NSR”) on any deposit mined which can be purchased at any time on or before the sixth anniversary with a one off payment of €4.0 million or 1% of the NSR any time after the tenth anniversary with a one off payment of €4.0 million on the basis that the Company has not sold the NSR to a third party at any time after the sixth anniversary of the signing of the Agreement. Aurion will also make bonus payments to Dragon Mining of €2.0 million in cash or equivalent in Aurion Common Shares for the defining of one million ounces of gold equivalent material that is categorised as Measured and Indicated in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (“JORC Code”) or National Instrument 43-101 Standards for Disclosure for Mineral Projects (“NI43-101”). Further bonus payments of €1.0 million in cash or equivalent in Aurion Common Shares will be made to Dragon Mining for the defining of every additional one million ounces of gold equivalent material that is categorised as Measured and Indicated in accordance with the JORC Code or NI43-101. On 15 September 2014, the Company announced to the ASX, "Initial Tranche of Shares in Aurion Issued", that the initial tranche of 2 million Common Shares in Aurion had been issued on 8 September 2014, in accordance with the terms of the DOA, following the successful attainment of the required Conditions Precedent. On the 26 November 2014, the Company announced to the ASX, "Second Tranche of Shares in Aurion Issued", that the second tranche of 1 million Common Shares in Aurion had been issued in accordance with the terms of the DPA, following the seventeen Claims that comprise the Silasselkä project becoming valid. The second tranche of 1 million Common Shares are escrowed for 18 months, from the date of issuance of the initial tranche of Common Shares on 8 September 2014. On 13 January 2015, the Company announced to the ASX, “Third Tranche of Shares in Aurion Issued”, that the third tranche of 1 million Common Shares in Aurion had been issued in accordance with the terms of the DPA, following the eighteen Claims that comprise the Kutuvuoma project became valid. The third tranche of 1 million Common Shares are escrowed for 18 months, from the date of issuance of the initial tranche of Common Shares on 8 September 2014. As defined in the original DPA a further 2 million shares may be issued by Aurion if they complete the transaction.

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14 Contingent Assets and Liabilities (continued) On 6 March 2015, the Company announced that it had executed a Letter Agreement with Aurion to amend the DPA. The amendments agreed in the Letter Amendment provided Aurion the opportunity to advance the Projects in the current market. They include the removal of the Right of First Refusal clause, the inclusion of an additional clause in relation to Confidential Information and the relaxing of the time period before Aurion can seek a Third Party Partner. In consideration for these amendments and in accordance with and subject to applicable securities laws and exchange rules, Aurion will issue the Company an additional 750,000 Common Shares, which are above and beyond the purchase price as outlined in the Agreement. On 31 March 2015, Company announced to the ASX, “Aurion Issue Dragon Further Shares”, that Aurion had issued the initial 250,000 allotment of the additional 750,000 Common Shares. The allotment of 250,000 Common Shares is escrowed for 18 months, from the date of issuance of the initial tranche of Common Shares on 8 September 2014. The remaining 500,000 Common Shares remaining will be issued to the Company as either:

The same time as the final instalment of 2.0 million Consideration Shares that are due to be issued to the Company on the third anniversary of the Kutuvuoma and Silasselkä Claims becoming valid or earlier at Aurion’s discretion; or

If the Agreement is terminated. On 30 June 2015, the Company had a total holding in Aurion of 4,250,000 Common Shares or 9.69%, on an undiluted basis. 15 Significant Events After Balance Date On 28 July 2015 (after reviewing various options), the Company and the Bankruptcy Estate of Lappland Goldminers Fäboliden AB (“Bankruptcy Estate”) agreed to amend the Sale and Purchase Agreement (“Agreement”), whereby the condition relating to the extension of the existing Environmental Permit for a period of at least four years was waived, in consideration for a lower total purchase price of 38 million SEK (approximately A$6 million), being a discount of 2 million SEK. 6 million SEK (A$0.95 million) of this total purchase price had already been paid to the Bankruptcy Estate, the remaining 32 million SEK (approximately A$5.05 million) was paid on 30 July 2015. The Bankruptcy Estate will hold these funds on trust until the Completion Date, being the seventh day following the fulfilment of the final condition:

i. a final, legally binding and unappealable approval from the Mining Inspectorate of Sweden or an approval from the Swedish Government of the transfer of the Exploitation Concession to Dragon Mining.

The parties have agreed to vary the timing for achievement of this final condition from two years to one year. Following the Completion Date, the Company will advise the Bankruptcy Estate to discontinue the Appeal against the Swedish Land and Environmental Court’s decision to reject the application for an extension to the start-up time as set out in the Environmental Permit. It is the Company’s intention to immediately commence work on an application for a new Environmental Permit for a mining operation at Fäboliden. This application will be for an operation that has a significantly smaller environmental footprint than the operation previously proposed. In conjunction with this the Company will also compile an application for a Permit to undertake a program of test mining at Fäboliden. On 4 August 2015, the Company announced it had agreed to extend the completion and end date of the Share Sale Agreement with Ausinox plc (“Agreement”) to 31 August 2015. The Agreement is to sell the Company’s 39.95% interest in Weld Range Minerals Limited, of which $0.75 million of the $1.0 million agreed consideration remains outstanding. Ausinox will continue to accrue penalty interest at a rate 1% higher than the penalty interest rate stipulated in the Agreement which equates to approximately $128,773 (to 31 August 2015). Ausinox also agreed to reimburse the Company an additional $33,742 representing the costs incurred, over and above the purchase price, as a result of non-completion.

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DIRECTORS’ DECLARATION In accordance with a resolution of the Directors of Dragon Mining Limited: In the opinion of the Directors: (a) The financial statements and notes of the consolidated entity are in accordance with the Corporations Act 2001,

including:

(i) giving a true and fair view of financial position of the consolidated entity as at 30 June 2015 and the performance for the half year ended on that date; and

(ii) complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations

Regulations 2001; and (b) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they

become due and payable. This declaration is made in accordance with a resolution of the Board of Directors.

Brett R Smith Executive Director 24 August 2015

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GHM:JT:DRAGON:030

Ernst & Young11 Mounts Bay RoadPerth WA 6000 AustraliaGPO Box M939 Perth WA 6843

Tel: +61 8 9429 2222Fax: +61 8 9429 2436ey.com/au


Independent review report to the members of Dragon Mining Limited

Report on the 30 June 2015 half-year financial report

We have reviewed the accompanying half-year financial report of Dragon Mining Limited, which comprisesthe statement of financial position as at 30 June 2015, the statement of comprehensive income,statement of changes in equity and statement of cash flows for the half-year ended on that date, notescomprising a summary of significant accounting policies and other explanatory information, and thedirectors’ declaration of the consolidated entity comprising the company and the entities it controlled atthe half-year end or from time to time during the half-year.

Directors’ responsibility for the half-year financial report

The directors of the company are responsible for the preparation of the half-year financial report thatgives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act2001 and for such internal controls as the directors determine are necessary to enable the preparation ofthe half-year financial report that is free from material misstatement, whether due to fraud or error.

Auditor’s responsibility

Our responsibility is to express a conclusion on the half-year financial report based on our review. Weconducted our review in accordance with Auditing Standard on Review Engagements ASRE 2410 Reviewof a Financial Report Performed by the Independent Auditor of the Entity, in order to state whether, on thebasis of the procedures described, we have become aware of any matter that makes us believe that thefinancial report is not in accordance with the Corporations Act 2001 including: giving a true and fair viewof the consolidated entity’s financial position as at 30 June 2015 and its performance for the half-yearended on that date; and complying with Accounting Standard AASB 134 Interim Financial Reporting andthe Corporations Regulations 2001. As the auditor of Dragon Mining Limited and the entities it controlledduring the half-year, ASRE 2410 requires that we comply with the ethical requirements relevant to theaudit of the annual financial report.

A review of a half-year financial report consists of making enquiries, primarily of persons responsible forfinancial and accounting matters, and applying analytical and other review procedures. A review issubstantially less in scope than an audit conducted in accordance with Australian Auditing Standards andconsequently does not enable us to obtain assurance that we would become aware of all significantmatters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Independence

In conducting our review, we have complied with the independence requirements of the Corporations Act2001. We have given to the directors of the company a written Auditor’s Independence Declaration, acopy of which is included in the Directors’ Report.

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Conclusion

Based on our review, which is not an audit, we have not become aware of any matter that makes us believethat the half-year financial report of Dragon Mining Limited is not in accordance with the Corporations Act2001, including:

a) giving a true and fair view of the consolidated entity’s financial position as at 30 June 2015 and of itsperformance for the half-year ended on that date

b) complying with Accounting Standard AASB 134 Interim Financial Reporting and the CorporationsRegulations 2001.

Ernst & Young

G H MeyerowitzPartnerPerth24 August 2015

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Documents

APPENDIX 4D For personal use only - · PDF fileFor the 6 months ended 30 June 2015 APPENDIX 4D ... National Australia Bank Ltd Level 13, 100 St Georges Terrace ... 2015. In exchange,